ECB's De Guindos sees bank consolidation in euro zone starting soon

FILE PHOTO: European Central Bank (ECB) Vice-President Luis de Guindos attends an European Union finance ministers meeting in Brussels, Belgium January 21, 2020. REUTERS/Johanna Geron/File Photo

MADRID (Reuters) - Consolidation between banks in the euro zone should start taking place relatively soon as an efficient way to reduce costs to cope with the consequences of the COVID-19 pandemic, European Central Bank Vice President Luis de Guindos said on Tuesday.

“Cross-border consolidation can be a ueful tool ... It should be carried out relatively quickly and urgently,” De Guindos told a financial event, adding that the economic recovery in the euro zone would be incomplete, uncertain and uneven among sectors and countries.

Reporting by Jesús Aguado and Emma Pinedo; editing by Andrei Khalip